Goh Bank sees profit boost from forex reforms

Goh Betoch, Ethiopia's first privately owned mortgage bank, has seen increased profits following the National Bank of Ethiopia's floating of the foreign exchange market, which narrowed the gap between parallel and official forex rates from 100 percent to just 4 percent between late July and early September 2024. The change has encouraged diaspora customers to use formal banking channels for home loan applications rather than informal market mechanisms, making transactions more transparent.